Cibc World Markets Corp boosted its stake in shares of The Allstate Co. (NYSE:ALL - Free Report) by 377.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,567 shares of the insurance provider's stock after buying an additional 193,385 shares during the period. Cibc World Markets Corp owned approximately 0.09% of Allstate worth $47,150,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Allstate by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 577,934 shares of the insurance provider's stock valued at $109,605,000 after buying an additional 28,584 shares in the last quarter. Ameritas Advisory Services LLC increased its position in Allstate by 117.3% during the 4th quarter. Ameritas Advisory Services LLC now owns 4,896 shares of the insurance provider's stock valued at $944,000 after buying an additional 2,643 shares in the last quarter. Hennessy Advisors Inc. increased its position in Allstate by 6.9% during the 4th quarter. Hennessy Advisors Inc. now owns 58,600 shares of the insurance provider's stock valued at $11,297,000 after buying an additional 3,800 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Allstate by 10.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 508,664 shares of the insurance provider's stock valued at $98,065,000 after buying an additional 48,382 shares in the last quarter. Finally, Artemis Investment Management LLP increased its position in Allstate by 33.3% during the 4th quarter. Artemis Investment Management LLP now owns 401,542 shares of the insurance provider's stock valued at $77,413,000 after buying an additional 100,311 shares in the last quarter. Institutional investors own 76.47% of the company's stock.
Allstate Stock Performance
Allstate stock traded up $5.33 during trading on Thursday, reaching $210.20. The company had a trading volume of 2,542,703 shares, compared to its average volume of 1,501,458. The Allstate Co. has a 52 week low of $156.66 and a 52 week high of $212.96. The firm's 50-day simple moving average is $192.87 and its 200 day simple moving average is $192.82. The firm has a market capitalization of $55.71 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.01 and a beta of 0.47. The company has a current ratio of 0.36, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42.
Allstate (NYSE:ALL - Get Free Report) last announced its earnings results on Wednesday, February 5th. The insurance provider reported $7.67 EPS for the quarter, topping analysts' consensus estimates of $5.40 by $2.27. Allstate had a return on equity of 28.20% and a net margin of 7.28%. Sell-side analysts forecast that The Allstate Co. will post 18.74 earnings per share for the current fiscal year.
Allstate Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be issued a $1.00 dividend. This is a boost from Allstate's previous quarterly dividend of $0.92. This represents a $4.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Monday, March 10th. Allstate's dividend payout ratio (DPR) is currently 23.54%.
Allstate announced that its board has approved a share buyback plan on Wednesday, February 26th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Allstate from $235.00 to $240.00 and gave the company an "outperform" rating in a research report on Tuesday, February 11th. Barclays cut their target price on Allstate from $187.00 to $183.00 and set an "underweight" rating on the stock in a research note on Monday, January 6th. Wells Fargo & Company increased their target price on Allstate from $186.00 to $187.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 14th. Evercore ISI upgraded Allstate from an "in-line" rating to an "outperform" rating in a research note on Wednesday, January 8th. Finally, Piper Sandler increased their target price on Allstate from $206.00 to $244.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $217.94.
Check Out Our Latest Stock Report on Allstate
Insider Buying and Selling
In other Allstate news, CFO Jesse E. Merten sold 40,102 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $186.53, for a total transaction of $7,480,226.06. Following the sale, the chief financial officer now directly owns 18,115 shares of the company's stock, valued at $3,378,990.95. This trade represents a 68.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.
About Allstate
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Free Report)
The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in five segments: Allstate Protection; Protection Services; Allstate Health and Benefits; Run-off Property-Liability; and Corporate and Other segments.
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